Preheat the oven to 350 degrees. Grease an 8-inch square baking pan with nonstick baking spray.
Add the 1/2 cup butter and 1 cup granulated sugar in a large mixing bowl. Beat with a hand mixer on medium until creamed.
Add the 1 cup sweetened applesauce and beat until incorporated.
Add in the 2 cups all-purpose flour, 1 teaspoon baking soda, 1/2 teaspoon salt, 1 teaspoon ground cinnamon, and 1/4 teaspoon ground cloves. Beat on medium just until combined.
Fold in the 1/2 cup raisins and 1/2 cup walnuts.
Pour the batter into your prepared dish and spread out evenly with an offset spatula.
Place in the oven and bake for 40-45 minutes or until a toothpick comes out clean or with crumbs.
Let cool completely at room temperature.
Just before serving, sprinkle with the 2 tablespoons powdered sugar. Cut and serve!
Notes
You can substitute the walnuts for pecans or any other nut.You can substitute the raisins for craisins if you would like. Storage: Store covered or in an airtight container at room temperature for 2-3 days or in the fridge for 3-5 days.